Residence permit in Greece explained and compared.
There are numerous ways to gain residence in the European Union (EU), firstly we have to distinguish two different categories in people’s strategy.
a) Those who plan on moving abroad, to emigrate permanently, something that requires obtaining a wealth visa, change their tax residency, open a business, or marrying a EU national.
b) Those who want to acquire residency for other purposes, such as to facilitate interaction with foreign banks, travel freely across the EU, or as a safety precaution in case of an urgent need to emigrate.
One option especially for Greece, is the Residence permit for Financially Independent Persons, where non-EU citizens with an International monthly income just over 2.000 Euros can obtain residency permit for them and their family members.
This is an affordable option for people who don’t want at this moment to invest a large amount abroad but have the means to be self sufficient in a country that gives them the opportunity to hold a Schengen Visa
A most respectable option is the “Golden Visa,” which is a residence permit issued to buyers of real estate or other assets above a certain value. This is the easiest and quickest way to obtain a Greek Residence permit to travel freely within the Schengen zone. The most accessible immigration programs in the EU are those offered by Latvia, Portugal, Spain, Greece, and Malta.
Greece offers the cheapest Residence by Investment Program (RBI). Applicants after they buy one or two properties, totaling at least €250,000 can obtain the Residence Permit for all the family. Next is the Latvian program, but, under its rules, investors must pay plus a 5% non-refundable fee, which raises the threshold to €262,500, In Malta, the minimum investment amount is €330,000, in Portugal Residency permit can be obtained by purchasing a property worth €350,000, if built over 30 years ago or located in areas of urban regeneration, or €400,000, if situated in low population density areas, Spain offers the same starting price in its program.
The price of real estate in the centers of large Greek cities, which average €1,500 per square meter, is the lowest among the five countries – almost twice as cheap than Spain and Malta, and 1.5 times cheaper than in Portugal.
The price difference for a Schengen Golden Visa between Greece and Latvia is not so significant (about 10%), but the price growth potential is higher in Greece. According to official data, real estate in Greece is 30% cheaper compared to its 2008 peak, while in Latvia it is 27% cheaper. Property prices in Spain are approaching peak levels, while prices in Portugal and Malta have already exceeded pre-crisis figures by 2% and 10% respectively.
Also something very important is that Golden Visa holders In Greece, Latvia, Spain, and Portugal, investors are free to lease their property (Malta prohibits the lease of such properties during the first 5 years of ownership), so In this case, property owners in touristic locations rent out their properties for short-term contracts, as this type of lease returns higher yields.
Greek Golden Visa gives Visa-Free access to all EU member states and the Schengen zone.
Top Real Estate Listings Along Athens’ Best Bicycle Routes.
Pedal Your Way to Your Dream Home. Athens is a city with a rich history and vibrant culture. Whether you are a […]
What You Should Know before You Buy a House in Athens
About the 2023 Housing Market in Athens The housing market in Athens, Greece has experienced significant fluctuations in recent years. During the […]
How powerful your Passport is?
“Passport Index” is an instrument that Demonstrates and Ranks Passports around the World. Passport Index is an interactive website that demonstrates information […]
Confidence is returning to Cyprus’ housing market
Confidence is returning to Cyprus’ housing market There have been eight long years of house price falls. Now Cyprus’ housing market is […]
UK Tier 1 Investor Visa Q3 update
UK Tier 1 Investor Visa Approvals Plunge 60% in Q3 Only 49 main applicants and 72 dependents received entry clearances in the […]